GBP/USD Weekly Forecast: Sterling Remains Hopeful, Looking at PMI, Powell and PCE
The British Pound (GBP) maintained its hold against the US Dollar (USD) following a recovery last week as the GBP/USD pair reached its highest level since March 2022 above 1.3300. The GBP/USD pair’s upside potential remained intact as the British Pound took advantage of the monetary policy divergence between the Bank of England (BoE) and the US Federal Reserve (Fed), highlighted by the central bank bonanza week. Read more…
GBP/USD weakens below 1.3350, UK and US PMI data in focus
GBP/USD is down to 1.3310, snapping a three-day winning streak early in the Asian session on Monday. A modest rebound in the US dollar (USD) weighs on the major pair. Investors will focus on the flash UK and US PMI data due later on Monday.
The US Federal Reserve (Fed) cut its key overnight lending rate by half a percentage point last week, its first rate cut since the early days of the Covid pandemic. The Fed said in a statement that “the Committee has become more confident that inflation is moving sustainably toward 2 percent and assesses that risks to the achievement of our employment and inflation goals are broadly balanced.” Read more…
